Bitcoin Cliff Hanger, BTC Slides 10.2% In A Early Stage Of A Correction

Bitcoin (BTC) is down 10.2 percent
BTC may be a store of value, but President Trump’s skepticism could bog down progress

Search Trends Indicate Interest in Bitcoin Halving Building
Friday December 06, 2019

The crypto scene is pretty depressed in terms of overall interest at the moment. Markets have plummeted 50% in the latter half of this year and general attention appears to be waning. Google search...

The post Search Trends Indicate Interest in Bitcoin Halving Building appeared first on 12bitplay - Bitcoin Play.

President Trump’s highlighting Bitcoin is bullish and hints of how disruptive the coin has been for the status quo. Leveling out the field and fronting end users, Bitcoin is huge for the libertarians. However, down 10.2 percent in the last week, BTC could register more losses in days ahead.
Bitcoin Price Analysis
Fundamentals
Presently, Bitcoin is at a brink. By printing massive losses over the weekend, there is a high risk that prices could tumble in the coming days. Although there was a slight response following president Trump’s comments on cryptocurrencies, the subsequent drop in asset prices across the board is negative.
While it may be a necessary correction following late Q1 and Q2 2019 rally, attention from a global leader, doubting the currency, should be a cause of worry. Even so, the advantages of Bitcoin and cryptocurrencies, in general, are numerous.
Firstly, its global nature cut out latency and extra Forex charges. Secondly, the lack of attack vectors thanks to its decentralization means it is immune to jurisdiction-specific turmoil. Because of that, Bitcoin is a store of value for citizens in imperiled economies as Venezuela, for example.
Speculative as it is, there is no doubt over the long term that BTC as a digital and valuable asset will be instrumental in shaping.
Candlestick Arrangements

Bakkt Scorned as Cash-Settled Bitcoin Futures Launch in Singapore
Monday December 09, 2019

It appears that the digital currency community has very much fallen out of love with the Bakkt platform. Prior to its launch, the ICE-backed Bitcoin futures platform was heralded as one of the most...

The post Bakkt Scorned as Cash-Settled Bitcoin Futures Launch in Singapore appeared first on 12bitplay - Bitcoin Play.

At the time of press, it’s a cliff hanger for BTC. Printing red, the coin is down 8.2 percent in 24 hours and 10.2 percent in the last week. As such, the path of least resistance is visible. Because of last week’s lower lows, there is a three-bar bear reversal pattern in the weekly chart.
Correcting the inverted hammer of the week ending June 30, last week’s bear candlestick is hinting of weakness. Although participation levels are low and pale in comparison to those of week ending June 30, trading volumes are above average and therefore significant.
Pointing of a possible correction, traders can exit their long positions and simultaneously sell the pullbacks. Like in previous BTC/USD trade plans, the first target is at $9,500. However, ideal bear targets assuming sellers press lower is $5,500 as that will complete the retest before March-June trend resumes.
Technical Indicators
Week ending June 30 anchors this trade plan. If there is confirmation of last week’s three-bar bear reversal pattern with high trading volumes exceeding 299k, BTC will likely slump to $5,500 as aforementioned. Similarly, the rejection of lower prices with equally high trading volumes blasting past $14,000 will reveal buyers and Q2 trend continuation with first targets at $15,000 and later $18,000.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Bitcoin Longs are Rising Rapidly Today, But Why is its Price Not Moving?
Tuesday December 10, 2019

Bitcoin has been caught within an unrelenting bout of sideways trading within the $7,000 region in the time since it bounced from lows of $6,500 in late-November. This consolidation period has made it increasingly...

The post Bitcoin Longs are Rising Rapidly Today, But Why is its Price Not Moving? appeared first on 12bitplay - Bitcoin Play.

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